Financial services group IFG this morning reported a pre-tax loss of €32.8 million for 2002 to end nine years of successive growth.
In 2001, the company recorded a profit of €10.4 million.
Despite the pre-tax loss, revenues continued to climb in 2002, up to €85.2 million from €82.6 million the previous year.
The company said its adjusted earnings per share were 12.22 cent, down from 14.49 cent in 2001.
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The company's board has recommended a final dividend of 1.47 cent per share, which when - added to the interim dividend - makes a total dividend of 2.20 cent.